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On the H4, with price moving within the descending trend channel, we have a bearish bias that price will drop from 1st resistance at 1.50383 in line with the horizontal swing high to the 1st support at 1.47803 at the multiple swing lows in line with the 61.8% fibonacci projection. Alternatively, price may break 1st resistance and rise from 1st resistance to 2nd resistance at 1.51611 in line with the 78.6% fibonacci retracement and multiple swing highs.
Trading Recommendation Entry:1.50383
Reason for Entry:
horizontal swing high
Take Profit: 1.47803
Reason for Take Profit:
multiple swing lows, 61.8% fibonacci projection
Stop Loss: 1.51611
Reason for Stop Loss:
78.6% fibonacci retracement and multiple swing highs
Trading analysis offered by RobotFX and Flex EA.
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